The emergence of cloud connected robots and their expanding applications are expected to drive the global cloud robotics market. Cloud connectivity offers increased data storage, collective learning solutions, and increased brain power. Increase in the uptake of cloud robotics is thus on cards subsequent to advancements in the cloud technology. In addition, the surging demand for automation across manufacturing, automotive, defense and logistics, agriculture, and healthcare sectors will push deployment of cloud robotics.

Transparency Market Research (TMR) has prophesized the market to expand at an impressive 32.4% CAGR between 2016 and 2024. The global cloud robotics market was valued at US$1.38 bn in 2015. Considering its pace of gain, the market is forecast to reach US$21.94 bn by the end of 2024.

Demand for Advanced Technologies to Aid Expansion of Software Segment

On the basis of component, the global cloud robotics market is segmented into hardware, software and services. In 2015, the hardware segment contributed nearly 74% to the overall revenue generated in the global cloud robotics market. In the forthcoming years, hardware and software segments alike will exhibit robust opportunities. The rising demand for advanced technologies such as robotics as a service (Raas) and platform as a service (PaaS) will help the software segment gain momentum in the near future.

By connectivity technology, the market can be segmented into WI-Fi, 3G, 4G, 5G, RF and Infrared. Of these, the 3G segment was helmed as the market leader in 2015. However, the technology has become standard as more number of companies are launching competitive products. Threat of rapidly losing share thus looms on the 3G connectivity technology segment. As per TMR, in the near future, the demand for 5G technology will pace higher. Likewise, in terms of application, the market will witness demand rising at a higher rate in the personal service segment despite the dominance of the industrial cloud robotics in 2015.

Asia Pacific to Emerge as Most Lucrative Regional Market

Regionally, North America, Asia Pacific, Europe, South America, and the Middle East and Africa constitute the key segments in the global cloud robotics market. While North America emerged as the dominant market in 2015, Asia Pacific will show the highest CAGR during the forecast period. TMR forecasts, the Asia Pacific cloud robotics market to rise at a CAGR of 33.9% between 2016 and 2024. During this time, China and Japan will demonstrate the most lucrative opportunities in the market.

The cloud robotics market is still at a nascent stage, which explains the concentration of leading also because they are the early technology adopters. Emerging nations will soon catch up on account of the increasing demand for advanced technologies witnessed in the region. Over the course of the report’s forecast period the market is thus expected to witness lucrative opportunities in Asia Pacific especially in countries such as India and China. Besides this, the market is forecast to gain traction across emerging markets in South America and the Middle East and Africa.

This report aims to provide a comprehensive strategic analysis of the global cloud robotics market along with revenue and growth forecasts for the period from 2014 to 2024. With advancements in cloud robotics and rising demand for cloud robotics in industrial sectors such as manufacturing and transportation & logistics, the cloud robotics market is expected to experience high growth in the coming decade. Some of the factors supporting the growth of the market worldwide include the proliferation of cloud computing technology and growing need for automation in developing regions such as Asia Pacific, high demand from the manufacturing sector, advent of industry specific cloud robotics in developed regions such as North America & Europe and increasing awareness of cloud based Robotics. The impact of these and other macro-micro economic factors has been analyzed while developing the market growth models.

This research study on the global cloud robotics market provides a detailed analysis of cloud robotics deployed for different applications by end-users depending upon their needs. The report offers an in-depth study of the market drivers, restraints, and growth opportunities. Using these factors, the study identifies various trends prominent in the industry and are expected to influence the market growth during the forecast period from 2016 to 2024. It includes a comprehensive coverage of the underlying economic and technological factors influencing the cloud robotics market growth. It provides the competitive landscape of key players in the cloud robotics market in order to highlight the state of competition therein. The report also provides a detailed competitive analysis of the key players in the market and identifies various business strategies adopted by them. The study explains the penetration within each market segment across various geographies, and how these segments have accelerated the growth of the market as a whole.

Global Cloud Robotics Market: Key Segments

The global cloud robotics market is analyzed by segmenting it on the basis of component, implementation type, connectivity technology and application. Based on component, the market is classified into hardware, software and services. The software segment further classified into infrastructure as a service (IaaS), robotics as a service (RaaS) & platform as a service and robotic application software. Furthermore, services segment is fragmented into system integration, connectivity service and other professional services. The implementation types covered in the report are peer based, proxy based and clone based. In terms of connectivity technology, the global cloud robotics market is segmented into Bluetooth, WI-Fi, 3G, 4G, 5G, RF and Infrared. The application segment is classified into industrial cloud robotics which includes automotive, defense, manufacturing, transportation & logistics and others, professional service cloud robotics which includes agriculture, healthcare (hospitals & clinics), aerospace (travel & tourism), retail & others and personal service cloud robotics which includes entertainment, education, personal healthcare and others.

Geographically, the global market for cloud robotics has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. The market size and forecast for each region has been provided for the period from 2014 to 2024 along with the CAGR (%) for the forecast period from 2016 to 2024. The analysis by component, implementation type, connectivity technology, application and region helps in evaluating the present scenario and growth prospects of the cloud robotics market over the forecast period from 2016 to 2024.

Global Cloud Robotics Market: Competitive Landscape

A list of recommendations have been provided for new entrants to help them establish a strong presence and for existing market players to take strategic decisions and strengthen their market position in the global cloud robotics market. The report concludes with the profiles of major players in the cloud robotics market on the basis of various attributes, such as company overview, financial overview, business strategies, SWOT analysis, segment presence, and recent developments.